Kaun Banayega Sarkar INDIA ya fir NDA??

Desh me har taraf yahi charcha hai Kaun Banayega Sarkar India Alians ya fir NDA??

Election Result 2024 aane ke baad se abhi tk pure desh me yahi charcha hai ki kaun banayega Sarkar

kyuki kisi bhi party ke pass clear majority nahi hai chahe wo Congress ho ya fir RSS backed BJP

Desh ki dono hi sbse badi partiya Congress aur RSS backed BJP ko gathbandhan sarkar banane ki mazburi hai.

N factor sbse bada Factor hai Nitish aur Naidu dono ke hi pass seats itni hai ki wo desh ki dono sbse badi parties ki sarkar bana sakti hai halaki ki aaj dono ne hi BJP ko apna samarthan de diya hai per Nitish ji ke pichle track record aur Naidu ji ke BJP ke sath kharab riste kbhi bhi RSS backed BJP ki sarkar ko girane me apna bahut bada role play kr skte hai wahi dusri taraf congress ek majbut virodhi daste ke sath sansad bhawan me jane ki tayari me lagi hai wahi sansad jaha kuch waqt pehle Narendra Modi and Company ne Rahul Ghandhi ke sath bahut se bade diggaj netao ki entry banned kara di thi.

Election Result chahe kuch bhi ho per is baar sarkar ke pass ek mazbut virodhi dasta hoga.

GSTR9A for Composition Dealer

 COMPOSITION DEALER GSTR-9A

The facility of filling Annual Return GSTR-9A by the taxpayers in composition scheme, as per proviso to sub section (1) Section 44 has been done away with an GST portal from F.Y. 2019-20 and onwards. Thus, now taxpayer will not be able to view/save/file from GSTR-9A for F.Y. 2019-20 and onwards. Filling of the said returns for the F.Y. 2017-18 and 2018-19 available and is optional.

MSME Registration

MSME Registration

An enterprise shall be classified as a micro, small or medium enterprise on the basis of the following criteria, namely:--

• a micro enterprise, where the investment in plant and machinery or equipment does not exceed one crore rupees and turnover does not exceed five crore rupees;

• a small enterprise, where the investment in plant and machinery or equipment does not exceed ten crore rupees and turnover does not exceed fifty crore rupees; and

• a medium enterprise, where the investment in plant and machinery or equipment does not exceed fifty crore rupees and turnover does not exceed two hundred and fifty crore rupees

Becoming a micro, small or medium enterprise.--

• Any person who intends to establish a micro, small or medium enterprise may file Udyam Registration online in the Udyam Registration portal, based on self-declaration with no requirement to upload documents, papers, certificates or proof.

• On registration, an enterprise (referred to as ―Udyam‖ in the Udyam Registration portal) will be assigned a permanent identity number to be known as ―Udyam Registration Number‖. 

• An e-certificate, namely, ―Udyam Registration Certificate‖ shall be issued on completion of the registration process. 

Composite criteria of investment and turnover for classification.--

• A composite criterion of investment and turnover shall apply for classification of an enterprise as micro, small or medium.

• If an enterprise crosses the ceiling limits specified for its present category in either of the two criteria of investment or turnover, it will cease to exist in that category and be placed in the next higher category but no enterprise shall be placed in the lower category unless it goes below the ceiling limits specified for its present category in both the criteria of investment as well as turnover.

• All units with Goods and Services Tax Identification Number (GSTIN) listed against the same Permanent Account Number (PAN) shall be collectively treated as one enterprise and the turnover and investment figures for all of such entities shall be seen together and only the aggregate values will be considered for deciding the category as micro, small or medium enterprise.

Registration of existing enterprises.---

• All existing enterprises registered under EM–Part-II or UAM shall register again on the Udyam Registration portal on or after the 1 st day of July, 2020.

• All enterprises registered till 30th June, 2020, shall be re-classified in accordance with this notification. 

• The existing enterprises registered prior to 30th June, 2020, shall continue to be valid only for a period up to the 31stday of March, 2021. 

• An enterprise registered with any other organisation under the Ministry of Micro, Small and Medium Enterprises shall register itself under Udyam Registration. 

Income Tax Return A.Y. 2020-21

Income Tax Return A.Y. 2020-21

Major Key Points in respect of Income Tax:-

Income Tax Return A.Y. 2020-21

1:- From 14-May-2020 to 31-Mar-2021 TCS/TDS rate reduced up to 25% for Non Salaried Residential.

2:- The dates for the financial year 2019-20 have been pushed back from July 31, 2020 and October 31, 2020 to November 30, 2020.

3:- The date for the tax audit was also pushed back by a month -- from September 30, 2020 to October 31, 2020.

4:- The date of assessments getting barred on September 30, 2020 will be extended to December 31, 2020 and those getting barred on March 31,2021 will be extended to September 30, 2021.

5:- The period of "Vivad se Vishwas" Scheme for making payment without additional amount will be extended to December 31, 2020.

Direct Taxes and Indirect Taxes

Direct Taxes and Indirect Taxes

In order to give effect to the announcements made by the Union Finance Minister vide Press Release dated 24.03.2020, regarding several relief measures relating to statutory and regulatory compliance matters across sectors in view of COVID-19 outbreak, the govt has brought in an Ordinance on 31.03.2020 which provides for extension of various time limits under the Taxation and Benami Acts. It also provides for extension of time limits contained in the Rules or Notification which are prescribed/ issued under these Acts.

t may be noted that the outbreak of Novel Corona Virus (COVID-19) across many countries of the world has caused immense loss to the lives of people, and accordingly, it has been termed as pandemic by the World Health Organisation and various Governments including Government of India. Social distancing has been unequivocally accepted to be the best way to contain its spread, leading to announcement of complete lockdown in the country. Keeping in view the challenges faced by taxpayers in meeting the compliance requirements under such conditions, the Union Finance Minister had announced several relief measures relating to statutory and regulatory compliance matters across sectors in view of COVID-19 outbreak on 24.03.2020 vide a press release.

Some of the important features and time limits which get extended by this Ordinance are as under:-

Direct Taxes & Benami:

1. Extension of last date of filing of original as well as revised income-tax returns for the FY 2018-19 (AY 2019-20) to 30th June, 2020.
2. Extension of Aadhaar-PAN linking date to 30th June, 2020.
3. The date for making various investment/payment for claiming deduction under Chapter-VIA-B of IT Act which includes Section 80C (LIC, PPF, NSC etc.), 80D (Mediclaim), 80G (Donations), etc. has been extended to 30th June, 2020. Hence the investment/payment can be made up to 30.06.2020 for claiming the deduction under these sections for FY 2019-20.
4. The date for making investment/construction/purchase for claiming roll over benefit/deduction in respect of capital gains under sections 54 to 54GB of the IT Act has also been extended to 30th June 2020. Therefore, the investment/ construction/ purchase made up to 30.06.2020 shall be eligible for claiming deduction from capital gains arising during FY 2019-20.
5. The date for commencement of operation for the SEZ units for claiming deduction under deduction 10AA of the IT Act has also extended to 30.06.2020 for the units which received necessary approval by 31.03.2020.
6. The date for passing of order or issuance of notice by the authorities under various direct taxes& Benami Law has also been extended to 30.06.2020.
7. It has provided that reduced rate of interest of 9% shall be charged for non-payment of Income-tax (e.g. advance tax, TDS, TCS) Equalization Levy, Securities Transaction Tax (STT), Commodities Transaction Tax (CTT) which are due for payment from 20.03.2020 to 29.06.2020 if they are paid by 30.06.2020. Further, no penalty/ prosecution shall be initiated for these non-payments.
8. Under Vivad se Vishwas Scheme, the date has also been extended up to 30.06.2020. Hence, declaration and payment under the Scheme can be made up to 30.06.2020 without additional payment.

Indirect Taxes:

1. Last date of furnishing of the Central Excise returns due in March, April and May 2020 has been extended to 30th June,2020.
2. Wherever the last date for filing of appeal, refund applications etc., under the Central Excise Act, 1944 and rules made thereunder is from 20th March 2020 to 29th June 2020, the same has been extended to30th June 2020.
3. Wherever the last date for filing of appeal, refund applications etc., under the Customs Act, 1962 and rules made thereunder is from 20th March 2020 to 29th June 2020, the same has been extended to30th June 2020.
4. Wherever the last date for filing of appeal etc., relating to Service Tax is from 20th March 2020 to 29th June 2020, the same has been extended to30th June 2020
5. The date for making payment to avail of the benefit under Sabka Vishwas Legal Dispute Resolution Scheme 2019 has been extended to 30th June 2020 thus giving more time to taxpayers to get their disputes resolved.

In addition to the extension of time limits under the Taxation and Benami Acts as above, an enabling section has got inserted in the CGST Act, 2017 empowering the Government to extend due dates for various compliances inter-alia including statement of outward supplies, filing refund claims, filing appeals, etc. specified, prescribed or notified under the Act, on recommendations of the GST Council.

HC allows manual filing of GSTR-3B without tax payment as online portal doesn't allow it.

GST: Where assessee was not able to file returns in Form GSTR-3B for months November, 2017 onwards and it filed writ petition contending that there was no condition for making payment of tax as a pre-condition for filing return of Form GSTR-3B and in absence of any such provision, on-line system of department, which did not allow filing of returns without payment of tax liability admitted as per such returns, was contrary to legal provisions, assessee was permitted to file manual returns in Form GSTR-3B, which would be subject to final outcome of petition

 

Cash Transaction Limit in India

Cash Transaction Limit in India.

The Central Board of Direct Taxes ( CBDT ), in a bid to promote cashless transactions, has issued an advisory on its official website regarding cash transactions over and above the prescribed limits specified under the law.

Cash Transaction Limit Income Tax India

An advisory issued by the income tax department on its official website regarding cash transactions over and above the prescribed limits specified under the law.

The advisory issued by the Board remind the taxpayers to not accept cash of two lakh or more in aggregate from a single person in a day or for one or more transactions relating to one event or occasion.One of the major step introduced by the Government after the demonetization was to restrict cash transaction above Rs. 2 lakh rupees.

Cash Transaction Limit in India.

The advisory said not to accept cash of Rs. 2,00,000 or more in aggregate from a single person in a day or for one or more transactions relating to one event or occasion. It further bars receiving or repaying Rs. 20,000 or more in cash for transfer of Immovable Property.

It also restricted payment of more than Rs. 10,000 in cash relating to the expenditure of business/profession.

Further, a donation in excess of Rs. 2,000 cannot be made in cash to a registered trust/political party.

“Penalty may be levied/deductions claimed can be disallowed in case of violations Any information regarding such violations or Black Money or Benami transactions can be given to the jurisdictional Principal Commissioner of Income Tax and can also be emailed on blackmoneyinfo@incometax.gov.in ,” it said.

Cash Transaction Limit in India.

 Under the Finance Act, 2017, the amounts in excess of Rs. 20,000 or more shall be received or repaid in cash for transfer of Immovable Property and amount more than Rs. 10,000/- in cash relating to the expenditure of business/profession was also banned. Further, the amount in excess of Rs. 2,000/- in cash cannot be donated to a registered trust /political party.

Restrict cash transaction above Rs. 2 lakh rupees.